Taxability of Insurance proceeds
This query is : Resolved
Peter Pamatthai
(Querist)
27 June 2022
Dear sir I am asking a query about ordinary Insurance proceeds but which fall outside section 10(10D). This is not a ULIP. The proceeds are taxable just because annual premium exceeds 10% of the sum assured. The doubt is whether we can treat this as capital gain under section 112 and pay tax at 10% without indexation or 20% with indexation whichever is favourable. Pls show me the correct method if I am wrong Thank you - Peter Matthai
Dhirajlal Rambhia
(Expert)
07 July 2022
No. for Insurance proceeds sec 112 of IT act not applicable.
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